St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-20
The CROWD SOLD FREELY.
On the Chicago Board of Trade Yester-
day Morning the Speculative Tem-
per Was Decidedly Bearish.
June Wheat Opened Weak and Fell q
Half Cent at Once On Free
Selling Orders.
The Clique, However, Stepped In and
Soon Put a New Phase on the
State Of Affairs.
Transactions in the Financial Circles
Of Wall Street.-The General
Record.
Special TO the Globe.

Special TO the Globe.
CHICAGO, May 19.-The most serious thing
yet that has happened to the wheat deal is
the cut in grain rates from Minneapolis to
7lec per hundred. There are nearly :, OO0,-
600 bushels of wheat there, and with a
freight rate like this that would bring il all
down here for little over &c bushel, and
vast deal of tits bound TO come A big jag
of wheat sold for June yesterday by che
operator was Minneapolis grain. With the
price at S9c there was pc clean profit in it.
But there has, IL Is claimed by the bears, very
recently been other news made which puts
upon the manipulatorS the necessity either
OF at once putting on the screws or of letting
the price down TO a point where Mime
apolis and Duluth wheat can't be sold
here with big profit for June
The most important bit of gossip relates TO
one OF the clique commission houses. which
Is claimed to be in bad temper with the prin-
cipalS because lis advice has not been taken
This house urged that the advance be tempo
rarily stopped for June at SEE until surround
ing markets had become accustomed to the
price and until good deal of cash wheat had
been worked off al the Seaboard. This ad-
vice was not taken, and now, il is said, the
commission firm demands that the account
be taken elsewhere. II is claimed 10 be Il
fact that II was offered TO another house YES
terday, but was refused on the bonus offered
There is nothing in the legitimate situation
al all discouraGing. The export business ut
New York yesterday was very large, aggre-
eating nearly fifty boat loads. But
THE FREIGHT CUT
from Minneapolis and an intimation that
there was Il difference OF some sort among
the manufacturers made the temper verv
beariSh. Wheat, which closed last night at
SSc for June. opened to-day at S734c and
sold 10 S1l4c. Enormous clearances at the
seaboard came just in the nick of time. At
New York 36l 900 bushels of wheat and at
Philadelphia and Baltimore 164,OO bushels
IL Il
gate the enormous amount of 525, 900
bushels for one day-the largest vet This
news turned the tide. The CLIQUE brokers
had taken not less than 100000 bushels
When they did come June wheat sold at once
10 SSc. After this first drive at the market
the bulls had clear sailing.
THE ROUTINE REPORT.
CHICAGO, May 19.-The temper of the crowd
was decidedly bearish at the opening of
change to-day. June wheat, which after
break yesterday, opened weak to-day at
STs4c; it once sold down to STAG The
crowd, with but few exceptions, sold freely
Some support was found at S714c and fifteen
minutes after the start June wheat recover
ed To SIsSc In their anxiety 10 break the
market the crowd speedily sold themselves
short, 1t was discovered after the first ex-
element had blown itself away that the
clique had purchased large amounts of June
wheat around S7SsG5S7l2c and the crowd
who a. few minutes before were reckless
sellers, were anxious buyers. June ran up
from s1l2c to SSAc rs speedily as il had de-
elined at the opening. Before the advance
OF the early morning was stopped June
wheat sold as high as SSSSc, but for the re-
mainder of the session it was about
stationary at SS@SS14c, trading being fairly
active. One of the bear features in the market
in the early morning was the announcement
OF !l2c freight rate on wheat from Mime
apolis which cheapened Minneapolis wheat
delivered here &c per bushel. When the
clique took hold, however, this feature was
forgotten. The announcement of seaboard
clearances of 525, 600 bu of wheat for yeSter-
day was an aid TO the advance. Corn opened
weak at 40S4@407Sc, for July, and sold to
4Q54c. Afterwards, in sympathy with the
wheat, it recovered TO 4Ic. At the close it
again sold down to 407sc for July, trading at
large receipts of hogs made provisions weak
1t the opening. July ribs and lard both
ztarted at sc lower at Site for the former
And 500 for the latter. However, before
thy withswheatand corn and July ribs closed
at;S7.30, and July lard at S6.77l2.
THE QUOTATIONS.
The leading futures ranged as follows:
'Wheat.aNo. May, s6l2c, closing at s6s4c;
at SS75c Corr-No2 May, 3sl2c, closing
at 3Sssc; June, 39Isc, closing at 3914c;
July 4oa4c closing at 4oEse; August, ssc,
closing at 25$sc; June, 26ssc, closing at
26lsc; July, 27$sc, closing at 27l4c. Au-
gust, o6lic, closing at 26ssc. Mess
pork-per Dbl. May, S21.5O, closing at
$21.50; June, $3.50, closing at SCI. so.
Lard-per 100 lbs. May, $500, closing at
S6.67la: June, S6.62I2, closing at Sc. 20: July,
500, closing at S6.77l2; August, $3.50,
closing at S6.S5. Short ribs-per 100 lbs,
May, sos, closing at S7.17l2: June, S7.O5.
closing at ST.l7l2; July, S7.17Ia, closing at
$3.50; August, S7.27l2, closing at $40.
Cash quotations were as follows: Flour
market firm prices unchanged. Wheat-No.
spring. S7@tS7l2c: No. 3 spring, nominal
at nc; No. . red, S7$4c. Corn-No. 2, 3Sss
@@$Ss4c. oqts-No. 2, 25l2c; Rye-No. 2
56l2c. Barley-No. 2, SIC. Flax seed-No
l, Sill. Prime timothy seed, 81. 7O@1.71.
Mess pork, per Dbl, S21.50. Lard, per 100
lbs, S6.62l2@6.65. Short ribs sides, loose
S7.05@7.10; dry sailed shoulders, boxed
S5.60@5.70; short clear sides, boxed. 81 so
M7.55. Whisky-Distilers' finished goods
per gal. 81 10. Receipts-Flour 16, 900 bbls
wheat, 55 900 bu; corn, $4,000 bu: oats
$4,000 bu; rye, 1000 bu; barley, ID, 900
bu. Shipments-Flour, 10 900 bbls; wheat
10000 bu: corn, $4,000 bu: oats, 81. 900
bu; rye, 1000 bu: barley, 5000 bu. On the
produce exchange to-day the butter market
was quiet; creamery, 15l2@l9c; dairy, IA
QlSc. Eggs firm, 1034011c.